维昇药业-BIPO点评

Investment Rating - The investment rating for the company is a specialized IPO score of "5.3" [7][9]. Core Insights - The company, Weisheng Pharmaceutical-B (2561.HK), is a late-stage biopharmaceutical firm focused on providing treatment solutions for specific endocrine diseases in China, including Hong Kong, Macau, and Taiwan. It has one core product and two other candidate drugs in development, all licensed from its partner and major shareholder, Ascendis Pharma [1]. - The Chinese growth hormone market is experiencing significant growth, with a market size increasing from 4 billion yuan in 2018 to 11.6 billion yuan in 2023, representing a compound annual growth rate (CAGR) of 23.9%. It is expected to reach 28.6 billion yuan by 2030, with a projected CAGR of 13.7% from 2023 to 2030 [3]. - The company has a highly certain pipeline nearing commercialization, with its core product, Longpei Growth Hormone, being a long-acting growth hormone replacement therapy for PGHD, which has already received acceptance for BLA submission by the National Medical Products Administration [4]. Financial Status - As of now, the company has no commercialized products and has not achieved profitability. The other income for the years 2022, 2023, and up to September 30, 2024, was 5.764 million yuan, 11.356 million yuan, and 8.647 million yuan, respectively, with total losses of 290 million yuan, 250 million yuan, and 130 million yuan for the same periods [2]. Industry Status and Outlook - The growth in the demand for growth hormone treatments, the continuous emergence of treatment solutions, and the increasing awareness of growth hormone deficiency among patients are the main drivers for future industry growth [3]. Competitive Advantages - The company possesses a pipeline based on proven technologies, with a high degree of certainty in approaching revenue generation. The management team is noted for its exceptional commercialization capabilities and strong support from shareholders and investors [4]. Use of Proceeds from IPO - Approximately 84.0% of the proceeds will be used for the ongoing BLA registration of the core product and funding for the planned commercialization of Longpei Growth Hormone. About 7.6% will support the ongoing Phase 3 pivotal trial of Parolepitide in China, while 1.8% will fund the open-label extension study of Navepitide for treating achondroplasia. The remaining 6.6% will be allocated for working capital and general corporate purposes [5].